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Aug 23, 2012
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the payroll tax cut and relief from the alternative minimum tax and the remaining fiscal cliff looks less steep. what's left are the bush tax cuts, including the child tax credit and lower tax rates on dividends and capital gains. tax experts say there is a strong chance people will see all those tax breaks-- $108 billion worth-- expire at the end of the year. >> really the economic hit of that will depend on what they ultimately think is going to happen if they believe congress is going to fix it after the fact, you'll have less economic effect. where, if they really feel they have gone over the cliff, it will be larger. >> reporter: which brings up another twist. if they go over the edge and let many popular tax breaks expire, there's a good chance congressional leaders will promise to make any fiscal cliff tax fixes they eventually pass, retroactive to the beginning of the year. >> it's a crazy way to think about doing things. it would be a disaster for businesses. you are going to see owners having to figure out how do i take money out to pay my estimated taxes. can i assume retr
the payroll tax cut and relief from the alternative minimum tax and the remaining fiscal cliff looks less steep. what's left are the bush tax cuts, including the child tax credit and lower tax rates on dividends and capital gains. tax experts say there is a strong chance people will see all those tax breaks-- $108 billion worth-- expire at the end of the year. >> really the economic hit of that will depend on what they ultimately think is going to happen if they believe congress is going...
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Jan 9, 2013
01/13
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even after we address the tax cuts and the fiscal cliff? >> less worrisome, but less worrisome in the united states is the housing structure, and we've got stock markets doing relatively well, and we have a massive energy boom we're just in the beginnings of. but washington politics are toxic and getting worse. the debt limit and the frustration will be harder to deal with than the fiscal cliff. as a consequence, the politics in the united states will create some downside. we're not talking about a recession, but numbers in the u.s. could be even better if it weren't for washington looking so dysfunctional. >> tom: that drag of dysfunction in politics. ian bremmer along with us. thank you. >> susie: a big management change at sears: c.e.o. lou d'ambrosio is stepping down in february after less than two years on the job. replacing him: the company's chairman, hedge fund manager eddie lampert. as ruben ramirez reports, lampert's priorities may take sears in a different direction. >> reporter: the revolving door in the c-suite at sears coe tin
even after we address the tax cuts and the fiscal cliff? >> less worrisome, but less worrisome in the united states is the housing structure, and we've got stock markets doing relatively well, and we have a massive energy boom we're just in the beginnings of. but washington politics are toxic and getting worse. the debt limit and the frustration will be harder to deal with than the fiscal cliff. as a consequence, the politics in the united states will create some downside. we're not...
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Oct 3, 2013
10/13
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we saw it with the fiscal cliff tax increases, sequester, lots of things and stocks continue to power higher. that's an important lesson. >> as we know, the word in chinese for crisis is the same word for opportunity. does it present an opportunity for investors when you bear in mind the longer the shut down goes, you shave that much growth from the economy. >> you're right, bill. an opportunity may present itself. we haven't put additional money to work in the last couple days but ahead as markets pulled back. the bottom line is to the extend to which the shut down and worries over breach of the debt ceiling affect the real economy, affect guidance in proch ffits, we get those reports, that will be where it really hits the road and we really need to say what is the impact of this because in the near team it's headline filler. >> in the meantime, also, there will be a lot of government reports investors won't get starting with the important jobs report this friday. the federal reserve is going to be sitting on its hands because it doesn't have all of this information. how will all of
we saw it with the fiscal cliff tax increases, sequester, lots of things and stocks continue to power higher. that's an important lesson. >> as we know, the word in chinese for crisis is the same word for opportunity. does it present an opportunity for investors when you bear in mind the longer the shut down goes, you shave that much growth from the economy. >> you're right, bill. an opportunity may present itself. we haven't put additional money to work in the last couple days but...
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Dec 8, 2012
12/12
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the economy pretty fast" if lawmakers don't settle the fiscal cliff issue. he's chief economist of moody's analytics. so mark falling off the fiscal cliff means bad things. how bad? >> it could be quite bad, susie. i don't think it's if we get into january and we haven't settled this but if house makers haven't nailed this down by early february, i think stock investors, bond investors will start to get very very nervous, start selling, risky businesses pull back and by the end of february when we start approaching the ceiling for the debt limit, i think we'll be back in recession. it will be a fairly severe recession. so policy makers have a few weeks but not much more than that. they have to get this together. >> susie: some people are saying that today's jobs report is very encouraging and that you can look at this as a way that maybe the economy can handle some stuff belt tightening because things are looking a little bit better. how do you think the various parties, republican and democrats will handle this jobs report in their fiscal cliff negotiations
the economy pretty fast" if lawmakers don't settle the fiscal cliff issue. he's chief economist of moody's analytics. so mark falling off the fiscal cliff means bad things. how bad? >> it could be quite bad, susie. i don't think it's if we get into january and we haven't settled this but if house makers haven't nailed this down by early february, i think stock investors, bond investors will start to get very very nervous, start selling, risky businesses pull back and by the end of...
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Nov 30, 2012
11/12
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and it was the tax on dividend as opposed to specificly the fiscal cliff, if you will. but it's the fact that dividends will be taxed at higher rates. >> you will be paying out about $60 million in dividends. >> we will. >> you will be borrowing that money. why is that a good use of your borrowing capacity? >> well, number one, we generate cash very, very quickly. we generate about 120 or 1-- 150 million dollars a year in free cash flow, so we're talking about a year, maybe less than six months of cash flow. number two as i tould we are not capital constrained. >> right. >> so this is not a burden on our credit facility. >> so why use the credit facility to pay your shareholders versus use it to look for new acquisitions that could accelerate your rate of growth? >> because we, number one, we-- basically heico runs without cash. we look to-- we look to our credit facility. heico is a very excellent rated credit. we're very high quality credit, very strong balance sheet. we have very little debt. we are now paying less than 1 1/4 percent for money. so it's really very in
and it was the tax on dividend as opposed to specificly the fiscal cliff, if you will. but it's the fact that dividends will be taxed at higher rates. >> you will be paying out about $60 million in dividends. >> we will. >> you will be borrowing that money. why is that a good use of your borrowing capacity? >> well, number one, we generate cash very, very quickly. we generate about 120 or 1-- 150 million dollars a year in free cash flow, so we're talking about a year,...
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Nov 22, 2012
11/12
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on the fiscal cliff, those big spending cuts and tax hikes set to hit the u.s. economy on january 1, we examine whether congress and the white house can strike a deal to avoid going off the cliff. so be sure to join on us, we look at the impact of the cliff on jobs, how strategies for investors, and tom talks with mark mobius, the global investing guru. that's "nightly business report" for wednesday, november 21. happy thanksgiving everyone, and hope you have a great holiday too tom. >> tom: goodnight susie, we'll see you online at: www.nbr.com and back here tomorrow night. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org >> join us anytime at nbr.com. there, you'll find full episodes of the program, complete show transcripts and all the market stats. also follows us on our facebook page at bizrpt. and on twitter @bizrpt. >>> tonight on "quest" -- more than 70% of our world is covered with water, and most of that territory remains unexplored. see how the denizens of the deep are helping scientists understand more about their m
on the fiscal cliff, those big spending cuts and tax hikes set to hit the u.s. economy on january 1, we examine whether congress and the white house can strike a deal to avoid going off the cliff. so be sure to join on us, we look at the impact of the cliff on jobs, how strategies for investors, and tom talks with mark mobius, the global investing guru. that's "nightly business report" for wednesday, november 21. happy thanksgiving everyone, and hope you have a great holiday too tom....
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Nov 15, 2012
11/12
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there are always two sides of the fiscal cliff. there is the tax side and the spending side. over 10 years, 1.2 trillion dollars, but the question is, does the president support a temporary postponement? that is what i want to get to, because there is not going to be enough time unless you postponed. >> did you sense he was open to some kind of a deal with republicans? where does the deal lied? >> they did two steps forward, one step back. then he says he is open to the idea of having rates stay where they are apt, but finding the money by closing loopholes, so- called tax expenditures. the idea but it was open to all ideas. he wants to send a message that he is willing to negotiate. >> are you worried about market tumble? today the white house was down? >> the economic and visors, everyone is concerned about what happened. nobody is quite certain about how markets react. one thing that is clear if we do go over, the president will have a stronger negotiating the president has a window after we go over. it is only for a couple of weeks, not much longer. >> do we get a deal be
there are always two sides of the fiscal cliff. there is the tax side and the spending side. over 10 years, 1.2 trillion dollars, but the question is, does the president support a temporary postponement? that is what i want to get to, because there is not going to be enough time unless you postponed. >> did you sense he was open to some kind of a deal with republicans? where does the deal lied? >> they did two steps forward, one step back. then he says he is open to the idea of...
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Dec 5, 2012
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>> well, across the country, i think this whole issue around taxes and around the fiscal cliff generally leads to something else, which is significant uncertainty. and whether it is delaware or whether it is any other state, one of the things that is most important to us is having business leaders have some kind of certainty about what the ground rules are going to be. not just for the next three months, by the way. but really for the next several years. they're more likely to invest, more likely to hire their next employee if they know what the game looks like. what the landscape looks like. and so as much as anything else, we think having that certainty, having that clarity on taxes and spending, is really important. >> susie: you said you are also very concerned about where growth is going to come from. did you discuss that with the president, won did he say, aside from tax increases and spending cuts? >> one of the things we specifically talked about was infrastructure. it didn't used to be that roads and bridges were democrat or republican. we need to continue to invest in our infra
>> well, across the country, i think this whole issue around taxes and around the fiscal cliff generally leads to something else, which is significant uncertainty. and whether it is delaware or whether it is any other state, one of the things that is most important to us is having business leaders have some kind of certainty about what the ground rules are going to be. not just for the next three months, by the way. but really for the next several years. they're more likely to invest,...
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Nov 8, 2012
11/12
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as investor attention turn toward the fiscal cliff combination of tax hikes and government spending cuts, they were looking for safety in government i.o.u.'s. the interest rate on the 10 year benchmark government bond dropped to 1.63%, it's lowest since early october. as this yield falls, the price of the bond rises. all five most actively traded exchange traded products suffered losses. the financial sector fund fared the worst, down 3.3%. and that's tonight's "market focus." >> susie: walmart could change health care the way it changed retailing. the world's largest retailer has deals with six of the nation's leading medical clinics. walmart employees and their families can get free consultations and surgeries without paying any out-of-pocket expenses. diane eastabrook recently talked to the president and c.e.o. of the cleveland clinic about the walmart effect. >> reporter: with nearly a million and a half u.s. employees-- walmart has the muscle to wring out health care costs from providers. and that's why it's made deals with six large providers including the mayo and cleveland clinic
as investor attention turn toward the fiscal cliff combination of tax hikes and government spending cuts, they were looking for safety in government i.o.u.'s. the interest rate on the 10 year benchmark government bond dropped to 1.63%, it's lowest since early october. as this yield falls, the price of the bond rises. all five most actively traded exchange traded products suffered losses. the financial sector fund fared the worst, down 3.3%. and that's tonight's "market focus."...
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Jan 5, 2013
01/13
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if we had gone over the fiscal cliff everybody's taxes would have gone up a whole heck of a lot in may. may have caused another recession. but it was ultimately survivable. some forecast even said it was a good thing. but the debt limit is something you can't mess around with. if the country's full faith and credit is somehow violated, that who's huge, immediate repercussions. >> what was interesting to me from the quasi-wall street perspective, i talked to all the members i talked to that were fully aware that the market was trading up and down throughout iffer speech on this entire crisis and that's going to be on the debt ceiling as well. the markets are going to want to know whether washington has to do -- has the stomach to do what it takes to prevent another crisis. >> the president said he's not going to negotiate the debt deal like he had to in 2011. well, that's an open question. liberal supporters are unhappy, saying if he dawes a line in the sand, does he stick to that? republicans are unhappy and think -- they say we're going to push up to the end. gwen: and some are unhapp
if we had gone over the fiscal cliff everybody's taxes would have gone up a whole heck of a lot in may. may have caused another recession. but it was ultimately survivable. some forecast even said it was a good thing. but the debt limit is something you can't mess around with. if the country's full faith and credit is somehow violated, that who's huge, immediate repercussions. >> what was interesting to me from the quasi-wall street perspective, i talked to all the members i talked to...
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May 17, 2012
05/12
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economy is heading over a fiscal cliff. that cliff is the expiration of tax cuts and the start of deep spending cuts in the federal budget scheduled early next year. darren gersh reports. >> reporter: just like the rest of us, the federal reserve is waiting to see where the economy goes next. at its late april meeting, minutes released today show several members of the fed's policy making committee thought more bond purchases might make sense. "if the economic recovery lost momentum or the downside risks to the forecast became great enough." after the fed's last meeting, only a couple members felt that more so-called quantitative easing might be needed. so what are the risks for the american economy? deeper trouble from europe, for one. or trouble could come from the fed's neighbors in washington. if congress and the president can't resolve their difference before tax breaks expire or spending cuts take hold next year, the fed minutes show bernanke and his colleagues are worried the fighting over the debt limit could hold b
economy is heading over a fiscal cliff. that cliff is the expiration of tax cuts and the start of deep spending cuts in the federal budget scheduled early next year. darren gersh reports. >> reporter: just like the rest of us, the federal reserve is waiting to see where the economy goes next. at its late april meeting, minutes released today show several members of the fed's policy making committee thought more bond purchases might make sense. "if the economic recovery lost momentum...
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Nov 13, 2012
11/12
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. >> reporter: here on capitol hill as congress grapples with how to step back from the fiscal cliff, two tax breaks for donors could be on the chopping block, charitable and estate tax deductions. luckily for the nations non- profits, at least half of the survey respondents say they would continue to give, even if the deductions were repealed. ruben ramirez, "n.b.r.," washington. >> tom: if this debate over the fiscal cliff sounds similar to you, like we've had this argument before between taxes, spending, and government debt; you're not alone. with tonight's commentary, here's matt slaughter, associate dean at dartmouth's tuck school of business. >> one of comedian bill murray's best roles was in groundhog day, in which his grumpy character stumbled through a series of gloomy-yet hysterical-days until he finally summoned the courage to act with dignity, with foresight, and with concern for the broader good. to me, america post-election feels a lot like the middle of groundhog day. same president; same parties controlling congress; same leaders of congress likely to emerge. and, the
. >> reporter: here on capitol hill as congress grapples with how to step back from the fiscal cliff, two tax breaks for donors could be on the chopping block, charitable and estate tax deductions. luckily for the nations non- profits, at least half of the survey respondents say they would continue to give, even if the deductions were repealed. ruben ramirez, "n.b.r.," washington. >> tom: if this debate over the fiscal cliff sounds similar to you, like we've had this...
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Nov 21, 2012
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ben bernanke didn't endorse any specific tax or spending policies to solve the fiscal cliff, but he urged lawmakers to think creatively. he said an agreement on ways to reduce long-term federal budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that, worries about a deal were already causing trouble. >> uncertainty about how the fiscal cliff, the raising of the debt limit, and the longer-term budget situation will be addressed appears already to be affecting private spending and investment decisions, and may be contributing to an increased sense of caution in financial markets. >> susie: wall street and business leaders were pleased that bernanke was talking tough. and they said the fed's role in the fiscal cliff negotiations is to communicate. >> tell the world and the individuals in the political establishment that they have to help get their act together or we have a problem, and that notion of preaching from the pulpit that he has is very fundamental. >> susie: is there another role or more of a role for the fe
ben bernanke didn't endorse any specific tax or spending policies to solve the fiscal cliff, but he urged lawmakers to think creatively. he said an agreement on ways to reduce long-term federal budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that, worries about a deal were already causing trouble. >> uncertainty about how the fiscal cliff, the raising of the debt limit, and the longer-term budget situation will...
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Mar 2, 2013
03/13
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they cut a deal on the fiscal cliff. >> to raise taxes. >> to raise taxes so republicans, seven weeks ago, or whenever it was, had to raise taxes. i believe the white house miscalculated or underestimated or whatever you want to call it, the republicans, in saying, ok, they're going to now close these loopholes which is effectively raising taxes again after they just did that seven weeks ago. i also believe that republicans could be in the process of underestimating how this could affect their standing with the public. right now they've got a 29% favorability rating. the president sits, 49%. he's gambling the public will be with him because after all he got re-elected partially on the issue of fairness. >> and he's reading the polls. >> and he's reading the polls and the republicans are saying, you know what, we're on the right side because the public believes the government should be smaller and more efficient. the problem that the republicans have is that this particular slice of the pie we're talking about is all the popular stuff. it's headstart, it's teachers, veterans. it's a lo
they cut a deal on the fiscal cliff. >> to raise taxes. >> to raise taxes so republicans, seven weeks ago, or whenever it was, had to raise taxes. i believe the white house miscalculated or underestimated or whatever you want to call it, the republicans, in saying, ok, they're going to now close these loopholes which is effectively raising taxes again after they just did that seven weeks ago. i also believe that republicans could be in the process of underestimating how this could...
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Dec 28, 2012
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bush tax rates expire on new year's eve and they say if we go over the so-called fiscal cliff, take all the tax votes you want, they're all tax cut votes. and conservative republicans believe their bargaining position improves. you reported on the debt limit but that becomes more of a concern as february approaches. they think they have leverage there to come bean the debt limit with the debate over more spending cut and more leverage on what they want from taxes. so there are strong voices on both sides so they say go over. >> warner: we better fasten our seat belts. ed to >> brown: still to come on the "newshour": a ban on adoptions from russia; the impact of austerity in greece; the tea party and the fiscal cliff and the administration's environmental record. but first, the other news of the day. here's kwame holman. >> holman: wall street was down much of the day, but trimmed its losses after news that the house will convene sunday to focus on the fiscal cliff. in the end, the dow jones industrial average shed 18 points to close at 13,096. the nasdaq fell four points to close un
bush tax rates expire on new year's eve and they say if we go over the so-called fiscal cliff, take all the tax votes you want, they're all tax cut votes. and conservative republicans believe their bargaining position improves. you reported on the debt limit but that becomes more of a concern as february approaches. they think they have leverage there to come bean the debt limit with the debate over more spending cut and more leverage on what they want from taxes. so there are strong voices on...
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Feb 16, 2013
02/13
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meantime, congress continues talking about the tax part of the fiscal cliff. this week, a house committee considered limits on tax deductions from charitable donations. american tax paypayers are estimated to have claimed $185 billion in charitable deductions last year. that's the most since before the great recession. there is no complete data for 2011 from the i.r.s. that money represents potentially billions of tax dollars if charitable deductions were limited or eliminated. andrew watt is the president and c.e.o. of the association of fundraising professionals. andrew you testified to that house committee. there already are limits to deducting charitable donations, correct? >> absolutely. >> tom: those limits are set by a percentage of taxable income. is there a better way to do it? >> no i think that's a pretty simple way of doing it and one most people understand. >> tom: it certainly has been the rule for the better part of a couple of generations for american taxpayers. but it begs the question should the government subsidize charitable donations? >> y
meantime, congress continues talking about the tax part of the fiscal cliff. this week, a house committee considered limits on tax deductions from charitable donations. american tax paypayers are estimated to have claimed $185 billion in charitable deductions last year. that's the most since before the great recession. there is no complete data for 2011 from the i.r.s. that money represents potentially billions of tax dollars if charitable deductions were limited or eliminated. andrew watt is...
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Dec 4, 2012
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as firm rush to send money to shareholders ahead of the fiscal cliff, and threat of higher taxes on dividends, tonight's word on the street is "special." jill malandrino is with the options-profits team at the- street.com. jill, you contend that these special dividends are not so special, why not? >> well, ask yourself are the companies actually creating more share holder value. this cash already exists on the balance sheet and the obvious reason they're doing this is to sort of avoid that fiscal cliff and hurting their shareholders with such high tax implications because for a lot of high earners out there their tax rate could potentially triple. so they want to sort of reward people that are impatient investing with bringing some of these forward or creating special tax dividends. >> tom: but isn't it rewarding shareholders, creating new value but transfering it from the company to the shareholders. look at costco, for instance, announcing a one-time $7 per share dividend. the stock hit new high, even borrowing the money to pay these shareholders. >> well, you have to ask yourself if costco
as firm rush to send money to shareholders ahead of the fiscal cliff, and threat of higher taxes on dividends, tonight's word on the street is "special." jill malandrino is with the options-profits team at the- street.com. jill, you contend that these special dividends are not so special, why not? >> well, ask yourself are the companies actually creating more share holder value. this cash already exists on the balance sheet and the obvious reason they're doing this is to sort of...
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Nov 7, 2012
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and wall street plunged over worries that washington won't be able to avoid the fiscal cliff of tax hikes and spending cuts at year's end. the dow industrials lost more than 300 points. it turns out the presidential oddsmakers were right, just as our economics correspondent reported. hari sreenivasan has the details. >> sreenivasan: on making sense, paul solman reports on the presidential prediction markets and how close they actually came to calling the results. and take a closer look at the all that and more is on our website newshour.pbs.org. judy? >> woodruff: and that's the "newshour" for tonight. on thursday, we'll look at the coming power shift for china's leadership. i'm judy woodruff. >> ifill: and i'm gwen ifill. we'll see you online and again here tomorrow evening. thank you and good night. major funding for the pbs newshour has been provided by: and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. captioning
and wall street plunged over worries that washington won't be able to avoid the fiscal cliff of tax hikes and spending cuts at year's end. the dow industrials lost more than 300 points. it turns out the presidential oddsmakers were right, just as our economics correspondent reported. hari sreenivasan has the details. >> sreenivasan: on making sense, paul solman reports on the presidential prediction markets and how close they actually came to calling the results. and take a closer look at...
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Nov 6, 2012
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the fiscal cliff threatens the economy,-s over stock investors but what about bond investors? >> bond investors have to watch out for the fiscal cliff as well. a lot of analysts are not a souming that will completely go over it but they're really uncertain and saying you know there is a lot of repercussions that people with fixed income can v especially in municipal bonds. but i'm sure we'll get to that. >> tom: absolutely, normally uncertainty would help out the bond market. this year the bonds have done very well. there is no doubt about it but they have pealed in comparison to stocks, up double digits. government bond mutual funds up 3%. corporate invest graded a rated bond funds up 7%, general municipal bond funds up 9% all according to lipper. so they've underperformed the stock market despite all this uncertainty. >> yeah, they have. and you know, theyontinue to go up. you know, you have some quantitative easing going on. and so people have jumped into corporate bonds. you know, the municipal bonds have continued to be attractive. they're tax exempt. you know, so far, so
the fiscal cliff threatens the economy,-s over stock investors but what about bond investors? >> bond investors have to watch out for the fiscal cliff as well. a lot of analysts are not a souming that will completely go over it but they're really uncertain and saying you know there is a lot of repercussions that people with fixed income can v especially in municipal bonds. but i'm sure we'll get to that. >> tom: absolutely, normally uncertainty would help out the bond market. this...
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Dec 12, 2012
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and tax analysts say the estate tax is just too complicated to tackle in the fiscal cliff negotiations. >> if we get to a comprehensive reform of the tax system and we say, "okay, here is the income tax. this is what we are going to do. now, we need an estate tax to back it up," maybe you could change the estate tax in that setting. but just one off, i think that's hard to do. >> reporter: if congress doesn't act soon, the current $5 million estate tax exemption will fall to $1 million on january 1, though it is unlikely to stay there for long. darren gersh, nbr, washington. >> susie: the fiscal cliff was certainly one topic on the agenda of the federal reserve today as policymakers kicked off their two-day meeting. tomorrow, the world will be waiting to see whether the central bank will do more to prop up the u.s. economy. the big question is whether the fed will stick with its so- called "operation twist" bond- buying program, or will it announce something new? erika miller takes a closer look at what's expected. >> reporter: the fed may announce a new twist in its bond buying plans,
and tax analysts say the estate tax is just too complicated to tackle in the fiscal cliff negotiations. >> if we get to a comprehensive reform of the tax system and we say, "okay, here is the income tax. this is what we are going to do. now, we need an estate tax to back it up," maybe you could change the estate tax in that setting. but just one off, i think that's hard to do. >> reporter: if congress doesn't act soon, the current $5 million estate tax exemption will fall...
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Sep 4, 2012
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maybe you've heard about all the automatic tax increases and spending cuts that make up the fiscal cliff. now, before you say this is just another silly inside-the-beltway mess that doesn't affect my life. we want to tell you that the fiscal cliff is different. tonight, we're going to tell yoo what all this means to you, to our economy and our future. thelma and louise made pop history when they defiantly drove off that cliff. but this january, congress could steer the u.s. off a different cliff. and when someone falls off a cliff in washington, there are no stunt men to pick them up. on january 1, 2013, tax breaks worth $416 billion will expire. spending on things like defense, medicare payments to doctors will be slashed by $65 billion. add it all up and you are talking about cutting roughly half a trillion dollars from the federal budget. and if we do go over this cliff and let all this happen, the economy is projected to stagger into recession. it could derail everything, it would really hurt the economy, the job market and obviously the housing market as well. now here's the surpris
maybe you've heard about all the automatic tax increases and spending cuts that make up the fiscal cliff. now, before you say this is just another silly inside-the-beltway mess that doesn't affect my life. we want to tell you that the fiscal cliff is different. tonight, we're going to tell yoo what all this means to you, to our economy and our future. thelma and louise made pop history when they defiantly drove off that cliff. but this january, congress could steer the u.s. off a different...
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Dec 11, 2012
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how the fiscal cliff could impact your tax bill? calculate how much you would pay under different policy scenarios on paul's "making sense" page. >> ifill: once congress gets past its budget woes, another huge domestic challenge awaits. republicans and democrats have said they will take up immigration reform. the question is how. last week a new pew hispanic center report showed illegal immigration is on the decline. last year there were 11.1 million illegal immigrants living in the country, down from 11.2 million in 2010. that's down from a peak of 12 million unauthorized immigrants reported in 2007. latino voters overwhelmingly supported president obama in november, and he has said immigration reform will be high on his second term agenda. homeland security secretary janet napolitano will oversee the administration's next steps. ray suarez sat down with her earlier today. >> suarez: secretary napolitano, welcome to the program. >> thank you. suarez: over the week past there's been a lot of reporting saying once we figure out what
how the fiscal cliff could impact your tax bill? calculate how much you would pay under different policy scenarios on paul's "making sense" page. >> ifill: once congress gets past its budget woes, another huge domestic challenge awaits. republicans and democrats have said they will take up immigration reform. the question is how. last week a new pew hispanic center report showed illegal immigration is on the decline. last year there were 11.1 million illegal immigrants living in...
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Aug 23, 2012
08/12
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on the tax hikes, they're going to expire and they would hurdle us off the fiscal cliff and put us in a recession. we shouldn't make the decisions that way. we need to do them thoughtfully and gradually. >> ifill: which would you say is the most damages part of the formula, the croops the board spending cuts or the tax cuts being extended? >> oh, i think it's both. >> ifill: it's not juston or the other. >> it's not just one or the other. and together they give you a large impact on the economy. and by the same token, if you think about what would be better, it isn't just spending. we can't fick the long-run problem of the deficit by just cutting spending. and we can't fix it by just raising taxs. we've got to do some of each, but in a gradual way over time, and in a much more intelligent way than this actually rk thing, which is about to hit us. >> ifill: this blunt-force object heading in our direction. >> absolutely. >> ifill: draw the line for me between these numbers and unemployment going up to 9% next year. what is the connection? >> so, we know that right now we have too much
on the tax hikes, they're going to expire and they would hurdle us off the fiscal cliff and put us in a recession. we shouldn't make the decisions that way. we need to do them thoughtfully and gradually. >> ifill: which would you say is the most damages part of the formula, the croops the board spending cuts or the tax cuts being extended? >> oh, i think it's both. >> ifill: it's not juston or the other. >> it's not just one or the other. and together they give you a...
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Dec 17, 2013
12/13
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remember, the only reason they got a deal to resolve the fiscal cliff to raise taxes on people with incomes over $400,000 was because you had a sort of damocles hanging over the congress in the form of tax cuts that were going to expire for everyone, and that's what forced the limited action they did there. congress isn't doing all that much right now, but you can't deny the fact that by simply getting out of the way, by not putting more drag on the economy either through crisis or through fiscal drag, washington is at least letting the economy heal itself and not interfering. >> josh, this whole thing about having the fiscal problems somewhat stabilize now raises the question of what happens when the federal reserve begins this taper process. could that interrupt this healing process? >> i don't think so. >> i just want to echo, i think that's exactly rid about washington. just him getting out of the way and stop being a drag on the economy is a major plus. less of a negative is a positive. i think if the economy continues to improve, i do think they're going to be slowly stepping back fro
remember, the only reason they got a deal to resolve the fiscal cliff to raise taxes on people with incomes over $400,000 was because you had a sort of damocles hanging over the congress in the form of tax cuts that were going to expire for everyone, and that's what forced the limited action they did there. congress isn't doing all that much right now, but you can't deny the fact that by simply getting out of the way, by not putting more drag on the economy either through crisis or through...
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Nov 29, 2012
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rates on small businesses. >> going over the fiscal cliff will hurt our economy and hurt job creation in our country. this is not good for our country. it's as simple as that, and the president understands it. >> reporter: corporate leaders were also making the rounds. a group from the simpson/bowles backed organization "fix the debt" stopped in for talks on capitol hill. and later, c.e.o.s from yahoo, archers daniel midlands, caterpillar and other companies headed to the white house for a meeting with the president. >> i'd like to hear the president's views about where the country is headed and support him any way we can. >> reporter: treasury secretary timothy geithner will meet with congressional leaders tomorrow, so there is hope serious face- to-face negotiations will soon be under way. darren gersh, "n.b.r.," washington. >> susie: one of the c.e.o.s meeting with lawmakers today joins us. he is david cote, c.e.o. of honeywell. david, thank you so much for joining us. we really appreciate it. did you get the sen from house speaker boehner, he is ready to make a deal? >> i would sa
rates on small businesses. >> going over the fiscal cliff will hurt our economy and hurt job creation in our country. this is not good for our country. it's as simple as that, and the president understands it. >> reporter: corporate leaders were also making the rounds. a group from the simpson/bowles backed organization "fix the debt" stopped in for talks on capitol hill. and later, c.e.o.s from yahoo, archers daniel midlands, caterpillar and other companies headed to the...
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Nov 3, 2012
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i think the fiscal cliff is going to be more of a fiscal slope, but there will be a tax element to it. i think because we're starting at such a low level of tax rates, we're very likely to have higher taxes either immediately with the expiration of the payroll tax and potentially on capital gains and dividends in 2013 and beyond. >> tom: how should invests approach that, invest on what tax rates may be next year? >> not really. but there are great costs to be avoided by lessening the tax drag on your investment. positioning your portfolio and making sure you're in sthooks can outperform in a rising interest rate environment-- which is another thing we're worried about-- longer term makes some sense. >> tom: so rising interest rate environment, possibly higher inflation, higher taxes. not exactly the most shiny of forecasts for investors. >> well, there is something you can do about it. you can avoid that tax drag by maximizing your investments in qualified plans. you can keep up with modest inflation by making sure you have your asset allocation mix right. inflation really picks the p
i think the fiscal cliff is going to be more of a fiscal slope, but there will be a tax element to it. i think because we're starting at such a low level of tax rates, we're very likely to have higher taxes either immediately with the expiration of the payroll tax and potentially on capital gains and dividends in 2013 and beyond. >> tom: how should invests approach that, invest on what tax rates may be next year? >> not really. but there are great costs to be avoided by lessening...